Import price index

The import price index measures the average price trends for goods imported from abroad. In accordance with EU Regulation No. 1158/2005 on short term statistics, the price measurement relates to the import price (“cif price”, i.e. cost, insurance and freight price). It includes the foreign ex works price, the trade margin, and the insurance and transport costs between the production site abroad and the border to the country of importation, but does not contain import duties (turnover tax on imports, customs duties, currency adjustment amounts).

The import price index is an important instrument for measuring inflation imported from foreign markets and thus represents a key indicator for estimating the influences of prices from abroad on domestic inflation trends. In addition to general economic and business cycle analysis, the import price index is used by many market participants as a guide when monitoring the market. In addition, an import price index is used to deflate the external balance of goods and services in National Accounts.

The import price index is calculated on the basis of approx. 8 000 price observations, which are collected quarterly for around 1 000 selected product groups from approx. 1 500 enterprises.

The import price index is currently calculated and published on the base year 2015=100. Chain factors can be used to continue index series for the overall index, CPA sections and CPA two-digit level of the import price index 2015=100, taking 2010 and 2007 as the base years.